BAKU, Azerbaijan, June 25. Türkiye is ready to share its insurance experience with Azerbaijan, Deputy Secretary General of Turkish Insurance Association, Atilla Oksay, told Trend on the sidelines of the 11th Azerbaijan International Insurance Forum.
According to him, the insurance sector must adapt to global technological changes and develop products that meet new risks and customer demands.
He noted that the rapid development of artificial intelligence, big data, and blockchain technologies also affects the operating principles of the insurance sector.
"Insurance has to adapt to the changes taking place in the world. Today, artificial intelligence, big data, and blockchain technologies have become part of our lives. Therefore, we need to reconsider both our business principles and our products. For example, currently there are transport insurance products for cars, but in the future driverless vehicles will be widespread. It is important to develop new insurance solutions in line with these changes," he emphasized.
According to Oksay, insurance companies should study the needs of customers more closely and shape their products in accordance with these requirements.
"We should listen more to the insured persons, better understand what they want and need. We should also develop our products in accordance with these requirements," he added.
The Turkish representative noted that the experience gained by his country in the field of insurance could be useful for Azerbaijan and other Turkic states.
"There are a number of mechanisms that have been successfully implemented in Türkiye for many years. For example, the Natural Disaster Insurance Institution provides earthquake insurance for residential buildings. Within the framework of the Agricultural Insurance System, the state supports part of the insurance premiums and crop production, livestock farming, and even fisheries are covered by insurance coverage," he said.
He also emphasized that the Insurance Information Center operating in Türkiye is an interesting example of experience for the countries of the region.
"All insurance contracts and information on insurance events in Türkiye are collected in a single database and made available to insurance companies. We are ready to share the experience of this model," Oksay pointed out.
The deputy secretary general said that the establishment of the Turkic World Insurance Union also serves to expand cooperation in this direction.
"The summit of the Turkic World Insurance Association will be held in Istanbul in October. I believe that, as in the European Union, cooperation opportunities can be expanded among the Turkic states in the development of products, educational programs, formation of risk pools, and other areas. We are always ready to share our experience with Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan, and Turkmenistan," he emphasized.
Touching on the importance of the forum, Oksay noted that the event has become an important platform for getting to know the insurance markets of the Turkic states more closely.
"Within the framework of the forum, we obtained more extensive information about the insurance sectors of the Turkic states. For example, there were presentations on digital healthcare solutions in the panel discussions, and we saw important developments in this area both in the world and in the Turkic states. It's gratifying to observe that this forum, which has been held for the 11th time, is growing and developing year after year," he concluded.
